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Homeowners Coverage Considerations
Your home is where you hang your hat, where your family sleeps, and where you keep your valuable and meaningful belongings. When it comes to protecting your investments, there are few things more important than insuring your home.
That’s because Homeowners insurance can help you:
- Cover your property and possessions if they’re damaged or destroyed by a covered loss.
- Protect your assets if you’re sued for your alleged negligence that caused an accidental resulting in property damage or injury to another.
To know you’re covered the way you want, it’s important to know how much coverage you want, and which coverage options are available to you.
Things to think about when choosing Homeowners coverage
To help you find the homeowners insurance you want, take into account the:
Value of your home
What would it take to rebuild your home at today's prices?
Keep in mind, the price you paid for your home is not necessarily what it will cost to rebuild it. For example, the cost of your home may have included the value of the land. When insuring your home though, consider what it would cost to replace or rebuild the house itself. Talk to a Farmers agent, who can work with you to estimate the reconstruction cost of your home. You can also ask a reputable contractor about local building costs.
Value of unique or expensive items
Do you have fine art, jewelry, or coins? How about a wedding or engagement ring?
Homeowners insurance covers these valuable items up to the amount listed in the policy, but this may not be enough to fully cover valuable or unique items. Talk to your Farmers agent about adding Personal Article Floaters to your policy. Floaters provide increased limits and/or additional coverage for specific valuable and unique items, so you can cover them the way you want.
Value of your liability coverage
If you were to be sued because of an accident or injury for which you were legally responsible, would your financial assets be at risk?
Life happens, and at some point you could be responsible, or liable, for injuries, accidents, and damages that happen on your property or anywhere else, for that matter. You can protect your assets against claims and lawsuits with liability coverage available on your homeowners policy.
Value of your personal property
It’s difficult to know exactly how many things you own, and how much your personal possessions are really worth until you do a full home inventory. That means going room to room, making a list, and taking pictures of what you have (include as much detail as possible). With a better idea of the value of your personal property, you can more accurately choose the coverage you want to replace your items in the event of a covered loss. With some limited exceptions, a Farmers Homeowners policy will usually cover your personal property anywhere in the world, for the limits stated in your policy.
What are some other Homeowner insurance options?
Homeowners insurance generally covers damages to your property, your possessions, and liability claims against you, as specified in the policy. Need more? Farmers offers additional coverage options such as:
We live in a digital age of email, social media, and online banking. That’s why Farmers offers optional, cutting edge Identity Management Services to cover our customers and their identities out there. These optional services cover you from losses and expenses attributable to identity theft (up to the value stated in the policy). Subscribers also have access to advocacy services to help resolve identity theft events and replace certain important documents.
With the Farmers Eco-Rebuild option, in the event of a covered loss, you can receive up to $25,000 for extra costs to rebuild, repair, or replace with green contents and materials.
Contents replacement cost
With a typical homeowners policy, after a loss you would be reimbursed based on your items’ depreciated value (its original value minus depreciation for time, wear, damage, etc.), but with Contents Replacement Cost coverage, the value of any damaged or destroyed item is based on the cost of a new one with similar features.
Trees and shrubs
If your trees, plants, shrubs, or lawn are damaged due to a covered loss, your Farmers policy will pay up to $750 per item, up to a maximum of 5% of your dwelling coverage.
Tour our Clickable House and explore room-by-room to learn more about homeowners insurance coverage.
This brief summary is not a policy document. Please read the actual policy documents for your state for important details on coverages, exclusions, limits, conditions and terms. If there is any conflict between this summary and the policy documents, the policy documents will control. Not all products and discounts are available in every state.